The first building of a $750 million, eight-building residential and mixed-use development in Footscray has topped out.
Dubbed “Live City”, the development is being built on the Kinnears Ropeworks factory site at 124-128 Ballarat Road in Footscray by developer R&F Property.
Construction of the 15-storey Live City building kicked off in December 2017 and is expected to be completed, with residents moving in, by the end of this year.
R&F Property Australia, part of global property development group R&F Properties with interests in China, Australia, the United Kingdom and Malaysia, acquired the Melbourne site in 2016 for $60 million.
The Hong Kong-listed developer has plans to stage the Footscray project, its first Victorian-based development, over the coming years.
The developer also has plans for a seven-building apartment development in Brisbane's West End, between Hockings and Donkin street, after purchasing the 1.6 hectare site for $82.5 million in 2015.
R&F Property Australia vice president Thomas Chiu said the Footscray project aims to honour the site’s industrial past, following the recent completion of restoration works on the first historic building – a two-storey brick structure on Ballarat Road once used as a rope dispensary and dining hall for Kinnears workers.
“In the coming years, the inner-west Melbourne community will see us deliver all the other exciting components of this master planned precinct,” Chiu said.
The first 15-level building features more than 500sq m of ground floor retail space along with 208 apartments, of which approximately 60 per cent have sold to date in the first stage.
One-bedroom apartments start from $367,000, two-bedroom apartments from $492,000 and three-bedroom apartments are priced from $763,000.
Kinnears closed its doors in 2002, after 100 years making rope, string and other products.